Instead, “It turns out that many of the Americans defaulting on their mortgages are doing so out of anger, fear or despair rather than making a purely sensible decision about their best financial interests, a new study found.”

You can read the study by University of Arizona law professor Brent T. White here.

•What housing downturn?

CNN reports that in some areas of the country, including most cities in California, there aren’t enough homes for sale.

“In Denver, for example, supply has fallen to 5.7 months from 6.2. In Phoenix it has declined to 4.5 from 5.2; and in San Francisco inventory has halved, to 3.2 months from 6.5 last March.”